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How CMOs Are Coping with Inflation and Slowdown Fears

Tricky economic headwinds have been sweeping across chief marketing executives’ desks, multiple reports suggest.

financial crisis 544944 640 smallAccording to a recent survey by research firm Forrester, 95% of CMOs expect to increase their marketing budgets in 2023—and 52% of marketing bosses plan to increase their budgets “significantly.”

According to an announcement from Gartner, another research firm, CMOs these days also need to watch out for the efficiency demands of their chief financial officers. Jason McNellis, senior director analyst in Gartner’s marketing practice, said that CMOs need to align with the rest of the C-suite on growth strategies for digital investments. CMOs should also ensure they can translate the impact of their marketing into numbers that will make sense to CFOs.

“With CFOs facing acute margin pressure, CMOs should be prepared to be asked to prioritize training spend from within their existing budgets,” McNellis said in a statement. “However, CMOs who are prepared with a clear business case for growth and measurement plan have a good shot to receive funding.”

In September, the advertising industry suffered its worst job losses in 19 months, as Insider Intelligence reports. U.S. Bureau of Labor Statistics figures show that advertising and the like lost 8,700 jobs during the month after robust growth over the summer. Recent marketing layoffs at Geico could presage further job cuts to come from major ad spenders.

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